According to the latest market research report released by Technavio, the global residential PV energy storage market is expected to grow at a rapid annual growth rate of nearly 68% during the 2018-2021 forecast period.
The report believes that the reduction in the cost of photovoltaic and energy storage systems is a key factor in the market growth. Lithium-ion batteries and lead-acid batteries are the main types of energy storage systems. In 2017, the lithium-ion battery sector accounted for 48% of the global market, and it is expected that this proportion will increase to 51% by 2021.
During the forecast period, C is an emerging trend in solar storage space. As the cost of solar power continues to decline, the adoption rate of photovoltaic power generation continues to increase, and the number of installations in the residential and commercial sectors is increasing.
However, the high degree of intermittentness of independent solar power systems is a major problem. The power output of solar photovoltaics depends on panel efficiency, solar radiation in this area, and the degree of shadowing that varies depending on the time of day and the amount of cloud covering the area. Therefore, energy storage is the ideal solution to provide electricity even in the absence of sun light.
From a regional perspective, the Asia Pacific region will become the world's largest residential solar energy storage regional market during the forecast period. The lack of transmission and distribution infrastructure in countries such as India and China provides tremendous growth potential for off-grid systems such as solar and energy storage portfolios. In addition, growth in the region's market will also be attributed to the availability of good solar resources and government support for energy storage systems.